Purchasing a home is a huge decision. Thought, planning, and care are key to a successful and smooth process. The nature of homebuying makes it impossible to do entirely on your own. You will need to deal with real estate agents and sellers, lenders and lawyers. Why not go in with a knowledgeable, goal-oriented team on your side? That’s where mortgage brokers and associates come in.
Potential mortgage brokers need to go through extensive education in order to be legally recognized. Not only do they need to complete the mandatory courses under the Mortgage Associates Program, but they also are required to have a criminal record check completed. Once licensed as a mortgage associate, they must work for two years to be able to register as a broker. In addition, annual renewals are required, ensuring that mortgage brokers are always on top of their game.
Brokers have constant contact with a variety of lenders. In the case of Source Mortgage, we have access to both the big banks and the little guys. There are some lenders that work exclusively with mortgage brokers, meaning that their rates are inaccessible to the general public. The relationship that brokers hold with lenders could also mean special rates for homebuyers.
Scouring through piles of paperwork can leave most people seeing double. But mortgage brokers know the ins-and-outs of each form, and they especially know how to read the fine print. You may not know which paper goes where, but your broker does this for a living and they can guide you through each step of the process. The bonus of this is that they can warn you if anything seems too restricting in the fine print.
Working for You
The best part about working with a mortgage broker is that they are working for you! We aren’t employees at the bank, we are business owners. That means your success is our top priority. While the banks won’t want to chat with you after the regular 9-5, we will come to your home if you need some guidance during evenings and weekends. A mortgage broker will spend the time to interview you and find out what your goals are, so that they can translate them into a real-life strategy.
Whether you are a first time homebuyer or an experienced borrower, a mortgage broker can help you through every step of your purchasing journey. To find out how the associates at Source Mortgage can help you, call us today at 403-341-7800!